THELOGICALINDIAN - n-a
China’s government is advancing a set of “national standards” for Blockchain technology in alertness for its wide-scale use, according to official media channels. Citing government officials, the China Daily reported that a set of civic blockchain standards will be appear by the end of 2019.
Li Ming, Director of the Blockchain Research Office, told the state-run Economic Information Daily that the Ministry of Industry and Information Technology is developing civic standards to accommodate industry guidance. Several ministries are additionally accommodating to anatomy a ‘Blockchain and Distributed Accounting Technology Standardization Committee’.
The Blockchain Research Office is beneath the Ministry’s Electronic Industry Standards Research Institute.
Li emphasized the conception of a blockchain accepted is meant to accommodate advice to an baby industry–not to blitz its growth.
The advertisement comes anon afterwards bullish statements at the Blockchain Security Summit 2024 in Beijing. “The development of blockchain technology may become an important footfall for China to butt all-embracing competition,” said Yu Kequn, administrator for the National Center for All-embracing Security Technology, emphasizing blockchain’s abeyant to advance blank of management, assembly and transactions.
Several above companies and government bodies are already knee-deep in blockchain research, according to Chinese media. All four above accompaniment banks are exploring blockchain applications for aegis and transparency, and Alibaba and Tencent, the accompanying giants of all-embracing shipping, are both experimenting with blockchain platforms to facilitate and clue cargo. Baidu has its own blockchain-based CryptoKitties.
Telecoms provider Huawei and retail aperture JD.com accept additionally active blockchain tech to assure bookish property.
Initial Chinese Offering
Although advanced on blockchains, the People’s Republic has given a frosty acceptable to basic currencies, with a access of crackdowns on exchanges and ICOs aftermost September. The closures accept acquired a cephalalgia for Chinese traders, but accept abundantly absolved them from the affliction of the abstract bazaar that engulfed the bazaar after that year.
However, a cardinal of cryptocurrency projects accept additionally courted official favor. Neo, aforetime Antshares, is attempting to do for China what Ethereum did elsewhere, while blockage aural official boundaries. VeChain, a activity to facilitate all-embracing shipments via blockchain, has additionally approved partnerships with local governments.
But, conceivably alike added significant, there are signs that the People’s Republic is advancing to barrage a civic cryptocurrency. State reporters at the Global Blockchain Summit were accustomed a behind-the-scenes blink at the Blockchain Technology Institute, area the Bank of China is advancing what may be the better ICO yet.
Officials fatigued to accompaniment media that Bitcoin and Ethereum are not agenda currencies—only those created by the axial banks count.
